Transcribed image text : Problem 9-7A Calculating depreciation LO2 Use the following table: Big Sky Farns Partial Balance Sheet April 30, 2020 Property, plant and equipment: Land $ 750,000 Building $885,000 649,000 236,000 Less: Accumulated depreciation Equipment2 590,000 Less: Accumulated depreciation 250, 160 339,840 Total property, plant and equipment $1,325,840 The building was purchased on May 3. 2009, and is depreciated to the nearest whole month using the straight-line method. Depreciation is based on a 15-year life, after which it will be demolished and replaced with a new one. 2The equipment was purchased on November 3, 2017, and is depreciated to the nearest whole month using the double-declining- balance method. The total estimated useful life is 10 years with a residual value of $250,000. Required: 1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment